Japan unveiled a record 92.29 trillion yen budget Friday for the next fiscal year, reflecting the prime minister’s campaign pledge to boost spending for child support and slash wasteful outlay for public works.

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Shares in Japan and China slipped Friday in quiet Christmas trade, ending slightly lower after major gains a day earlier. Most other Asian markets were closed for the holiday.

Deflation tightened its hold on Japan in November and the unemployment rate rose for the first time in four months, as the world’s second-biggest economy struggles to stage a convincing comeback.

China, the world’s third largest economy, Friday revised upward its economic growth for 2008 to 9.6 percent after a nationwide census but said the change had little impact on this year’s growth rate.

Deflation tightened its hold on Japan in November and the unemployment rate rose for the first time in four months, as the world’s second-biggest economy struggles to stage a convincing comeback.

The government has handed its ATM card to beleaguered mortgage giants Fannie Mae and Freddie Mac. The Treasury Department said Thursday it removed the $400 billion financial cap on the money it will provide to keep the companies afloat.

U.S. recovery weak but on track